ZAKAT CALCULATION
(1439 AH OR 2017/2018)
In The Name of Allah, The Most Gracious, The Most Merciful
Nisab ul-Zakat for gold and silver is defined as the minimum amount of gold or silver specified by shari’a below which one is not required to pay zakat, whereas if one’s wealth exceeds it then zakat becomes incumbent upon one.
Cash (Dollar, Royals, pounds, Cedi, etc.) serves the function of gold and silver.
Nisab for gold is 85 grams of pure gold, which is incumbent upon anyone who owns such an amount in any form to pay 2.5% of that amount as Zakat.
Nisaab for silver and currencies made from silver is 595 grams of pure silver, which is incumbent upon anyone who owns such an amount in any form to pay 2.5% of that amount as Zakat.
In effect, if the minimum threshold of Zakatable Amount (nisab) is reached , then 2.5% is due upon it and upon whatever exceeds it.
This calculation is based on two types of ZAKATABLE WEALTH; namely, personal and business.
The nisab is 85 grams of pure gold.
Thus the current nisab (1439 AH OR 2017/2018) in monetary terms is $3,603.21 or GHS16,214.445.
(i.e. The Minimum Zakatable Amount)
The Zakat due is 2.5% of $3,603.21=$90.1
or
2.5% of GHS 16,214.445=GHS 405.4.
Thus for GHS 100,000 zakatable amount, the Zakat due is:
Amount/Value x Rate/2.5%= Zakat Due
Or
A (GHS) x R (2.5%)=Z (GHS)
: GHS 100,000 x 2.5%=GHS 2,500
(A) PERSONAL WEALTH
1. Personal cash on hand and in bank accounts
: A ($) x R (2.5%) = Z ($)
Or
A (GHS) x R (2.5%)=Z (GHS)
2. Total value of gold, silver and precious items
: A ($) x R (2.5%) = Z ($)
Or
A (GHS) x R (2.5%)=Z (GHS)
3. Total value of stocks, shares, and bonds
: A ($) x R (2.5%) = Z ($)
Or
A (GHS) x R (2.5%)=Z (GHS)
4. Total cash value of retirement accounts and pension plans
: A ($) x R (2.5%) = Z ($)
Or
A (GHS) x R (2.5%)=Z (GHS)
5. Loans made to others and expect to be paid back
: A ($) x R (2.5%) = Z ($)
Or
A (GHS) x R (2.5%)=Z (GHS)
6. Other expected receivables such as estimated tax refunds, refundable deposits, and salary or pro- fessional payments you are entitled to as of Zakat Due Date
: A ($) x R (2.5%) = Z ($)
Or
A (GHS) x R (2.5%)=Z (GHS)
(B) BUSINESS WEALTH
7. Business cash on hand and in bank accounts
: A ($) x R (2.5%) = Z ($)
Or
A (GHS) x R (2.5%)=Z (GHS)
8. Net value of business
inventory or any trade goods
: A ($) x R (2.5%) = Z ($)
Or
A (GHS) x R (2.5%)=Z (GHS)
9. Total business receivables as
of Zakat due date
: A ($) x R (2.5%) = Z ($)
Or
A (GHS) x R (2.5%)=Z (GHS)
10. Net income from business or exploited assets during the year
: A ($) x R (2.5%) = Z ($)
Or
A (GHS) x R (2.5%)=Z (GHS)
11. Current value of real estate properties held for investment or sale
: A ($) x R (2.5%) = Z ($)
Or
A (GHS) x R (2.5%)=Z (GHS)
May Allah Increase us in knowledge and understanding of Islam.
Sense of Islam
(1439 AH OR 2017/2018)
In The Name of Allah, The Most Gracious, The Most Merciful
Nisab ul-Zakat for gold and silver is defined as the minimum amount of gold or silver specified by shari’a below which one is not required to pay zakat, whereas if one’s wealth exceeds it then zakat becomes incumbent upon one.
Cash (Dollar, Royals, pounds, Cedi, etc.) serves the function of gold and silver.
Nisab for gold is 85 grams of pure gold, which is incumbent upon anyone who owns such an amount in any form to pay 2.5% of that amount as Zakat.
Nisaab for silver and currencies made from silver is 595 grams of pure silver, which is incumbent upon anyone who owns such an amount in any form to pay 2.5% of that amount as Zakat.
In effect, if the minimum threshold of Zakatable Amount (nisab) is reached , then 2.5% is due upon it and upon whatever exceeds it.
This calculation is based on two types of ZAKATABLE WEALTH; namely, personal and business.
The nisab is 85 grams of pure gold.
Thus the current nisab (1439 AH OR 2017/2018) in monetary terms is $3,603.21 or GHS16,214.445.
(i.e. The Minimum Zakatable Amount)
The Zakat due is 2.5% of $3,603.21=$90.1
or
2.5% of GHS 16,214.445=GHS 405.4.
Thus for GHS 100,000 zakatable amount, the Zakat due is:
Amount/Value x Rate/2.5%= Zakat Due
Or
A (GHS) x R (2.5%)=Z (GHS)
: GHS 100,000 x 2.5%=GHS 2,500
(A) PERSONAL WEALTH
1. Personal cash on hand and in bank accounts
: A ($) x R (2.5%) = Z ($)
Or
A (GHS) x R (2.5%)=Z (GHS)
2. Total value of gold, silver and precious items
: A ($) x R (2.5%) = Z ($)
Or
A (GHS) x R (2.5%)=Z (GHS)
3. Total value of stocks, shares, and bonds
: A ($) x R (2.5%) = Z ($)
Or
A (GHS) x R (2.5%)=Z (GHS)
4. Total cash value of retirement accounts and pension plans
: A ($) x R (2.5%) = Z ($)
Or
A (GHS) x R (2.5%)=Z (GHS)
5. Loans made to others and expect to be paid back
: A ($) x R (2.5%) = Z ($)
Or
A (GHS) x R (2.5%)=Z (GHS)
6. Other expected receivables such as estimated tax refunds, refundable deposits, and salary or pro- fessional payments you are entitled to as of Zakat Due Date
: A ($) x R (2.5%) = Z ($)
Or
A (GHS) x R (2.5%)=Z (GHS)
(B) BUSINESS WEALTH
7. Business cash on hand and in bank accounts
: A ($) x R (2.5%) = Z ($)
Or
A (GHS) x R (2.5%)=Z (GHS)
8. Net value of business
inventory or any trade goods
: A ($) x R (2.5%) = Z ($)
Or
A (GHS) x R (2.5%)=Z (GHS)
9. Total business receivables as
of Zakat due date
: A ($) x R (2.5%) = Z ($)
Or
A (GHS) x R (2.5%)=Z (GHS)
10. Net income from business or exploited assets during the year
: A ($) x R (2.5%) = Z ($)
Or
A (GHS) x R (2.5%)=Z (GHS)
11. Current value of real estate properties held for investment or sale
: A ($) x R (2.5%) = Z ($)
Or
A (GHS) x R (2.5%)=Z (GHS)
May Allah Increase us in knowledge and understanding of Islam.
Sense of Islam